Can I transfer or assign my policy to someone else?
Some policies can be assigned, meaning ownership passes to someone else, or placed in trust. These are legal changes that can affect who controls the policy, who receives the money and how it is treated for tax. Speak to your insurer and, where appropriate, a solicitor or adviser before making any change.
Assignment and trusts are different
Assignment transfers ownership. A trust keeps the policy for beneficiaries managed by trustees. Each has different effects.
Mortgage assignments
Some older policies were assigned to a lender. If the mortgage is repaid, ask the lender to release the assignment.
Get it confirmed
Any change should be recorded by the insurer in writing.
This article is general information about UK protection insurance, not personalised financial advice. Policy terms vary between insurers and products, so always check your own policy documents.
Last updated 27 October 2026